I am looking at the compensation ratio.
43%. that begins to show how they are correcting.
Oh, my goodness, tom, this is a blowout.
That is what analyst were looking for, 43%. earnings-per-share, $4.10. i not know if that is a comparable number.
If that is a calm, that is a blowout.
If they were supposed to be down 17% -- understood.
Both, we thank kevin reynolds, revenues are a total blowout, $9.1 billion versus $8 billion, which really shows you that animal spirit.
That is the comparison you want to, adam, $4.10 versus $3.09. net revenue overall -- $9.13 billion.
Analysts at the highest end of the consensus looking for a .74 billion dollars, so this is much better than what analysts were looking for.
Goldman sachs continuing their leadership in investment banking.
Our leadership is to get you to guests that matter.
William cohan joins us now.
His book on goldman sachs, "money and power," the authoritative read.
Bill, good morning.
Wells fargo, citigroup, j.p. morgan, and now goldman sachs are better than good earnings.
Why are we seeing these more attractive revenue growth and earning growth?
Are you surprised?
No, not surprise at all, tom.
What i am surprised that is the little game they are playing of badmouthing their earnings and then blowing them out or badmouthing the revenue and blowing out.
This is an old game that we have seen before, but as i have said before on air, this is the new golden age of wall street.
There's a lot less competition, the economy is improving, the demand for investment banking services is increasing.
You see that in him in a, and underwriting, this is the new golden age of wall street, and so these firms are blowing out as a result.
I like how you call it a game.
I will go with you on that.
You and i have seen that over decades.
Are these banks being run as partnerships now?
Oh, god, partnerships, no.
You see with the compensation ratio at goldman, 43%, again, this is back starting to inch up again.
Revenues higher than expected, comp is going to be higher than expected or at least the accruals of comp.
One of the partnerships, as you well know, they pay partners out of the pretax income of the firm at the end of the year.
This kind of thing where they are accruing big bonuses is a new public a buddy phenomenon.
Bill with us -- two point two $2 billion, higher than anticipated, down 22% from the preceding quarter, down about 9.8% in the same time last year.
Equities revenue pretty much a mind with what analyst's were looking for, $1.61 billion.
So that year-over-year 9% is a good number.
Asked by the way, do scrolling through the press release, the reason they are making so many outside gains, revenues up 40% percent year-over-year, about $1.3 billion taken from investments.
That might be why the beat.
Bill cohan, thank you so much for coming to us across skype as well.
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